2. For the purposes of this Act and the Income Tax Act (Ontario), a home ownership savings plan entered into by a planholder and a depositary after August 31, 1988 and before May 19, 2004 that complies with the following terms and conditions is an Ontario home ownership savings plan: 1. The terms of the plan do not permit any payment to the planholder of any asset of the plan except by way of, i. a single payment of all of the assets of the plan to a solicitor designated by the planholder to hold the assets of the plan as trust property in trust for the planholder and the Crown jointly and to legally represent the planholder in the purchase by the planholder of a qualifying eligible home, or ii. a single payment of all the assets of the plan, less the amount to be withheld by the depositary under section 9 or the amount, if any, directed by the Minister under subsection 5 (5), to the planholder or to the legal personal representative of the planholder upon the death of the planholder. 2. The terms of the plan require the depositary to withhold and remit to the Minister any amount required under section 9 on any payment of assets of the plan to the planholder or to the legal personal representative of the planholder on the death of the planholder. 3. The terms of the plan provide that the depositary will accept repayment of assets into the plan from a solicitor to whom assets of the plan were paid. 4. The terms of the plan provide that the payment to the planholder is not capable in whole or in part of surrender, assignment or transfer except as permitted by an election under section 7. 5. The planholder is at least eighteen years of age and a resident of Ontario at the time of entering into the plan. 6. The planholder has been assigned a Social Insurance Number referred to in section 237 of the Income Tax Act (Canada) and has provided that number and the Social Insurance Number of the planholder’s spouse or common-law partner, if the planholder is married or is in a common-law partnership, to the depositary at the time of entering into the plan. 7. The planholder is not and has never previously been a planholder under any other Ontario home ownership savings plan. 8. The planholder has never owned an eligible home anywhere in the world. 9. In the case of a plan entered into by the planholder and a depositary before January 1, 1989, no spouse or common-law partner of the planholder with whom the planholder resides, or from whom the planholder lives separate and apart for reasons other than the breakdown of the marriage or common-law partnership, has ever owned at any time an eligible home anywhere in the world. 10. In the case of a plan entered into by the planholder and a depositary after the December 31, 1988, no spouse or common-law partner of the planholder with whom the planholder resides, or from whom the planholder lives separate and apart for reasons other than the breakdown of the marriage or common-law partnership, has ever owned an eligible home anywhere in the world at any time during the marriage or common-law partnership. 11. The terms of the plan prohibit any amendment to the terms of the plan, i. that would result in the terms of the plan as amended failing to comply with this Act, ii. that would permit or require any person to do anything contrary to this Act, or iii. that would prevent or prohibit any person from doing anything required by this Act to be done. 12. The terms of the plan provide that on the death of the planholder, the depositary shall transfer or distribute all assets of the plan, less any amount required by section 9 to be withheld and remitted to the Minister, in accordance with this Act. 13. The terms of the plan prohibit the holding of the assets of the plan in any form other than qualified investments. 14. The plan includes a provision denying the depositary any right of set-off as regards the assets of the plan in connection with any debt or obligation to the depositary that the planholder under the plan owes or may thereafter owe. 15. The terms of the plan provide that no loan or advance may be made to the planholder or to any person with whom the planholder does not deal at arm’s length, within the meaning of section 251 of the Income Tax Act (Canada), if a condition of such loan or advance is the existence of the plan. 16. The terms of the plan include the acknowledgment by the planholder that he or she understands that the amount of a tax credit, if any, available under the Income Tax Act (Ontario) with respect to contributions made to the plan in any year depend on the planholder’s level of income for that year and that the provisions of this Act apply even if the planholder may not be entitled to a tax credit in any year. 17. The terms of the plan provide that any receipt, i. for a contribution to the plan, issued by the depositary after the date on which the planholder has received, or has been deemed by this Act to have received, any assets of the plan or the use or benefit of any assets of the plan, other than in accordance with section 5, or ii. for a contribution made to the plan after the 31st day of December of the fourth calendar year ending after the end of the calendar year in which the plan was entered into by the depositary and the planholder, shall be in a form substantially different from the form of receipt required to be filed with the Minister by a planholder claiming a tax credit under the Income Tax Act
(Ontario) with respect to contributions made to an Ontario home ownership savings plan. 18. The terms of the plan contain the consent of the planholder to the release to the Minister of all information obtained by the depositary with respect to the plan, the planholder and the planholder’s spouse or common-law partner, if any, for the purposes of this Act and the operation of the plan. 19. The terms of the plan comply with any additional prescribed conditions or requirements.  R.S.O. 1990, c. O.20, s. 2; 1994, c. 17, s. 124; 2000, c. 42, s. 87; 2004, c. 31, Sched. 29, s. 1.